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Thursday, 22 June 2017

MIDEAST STOCKS-Saudi shares extend rally on new crown prince, MSCI; Qatar rebounds | Reuters

MIDEAST STOCKS-Saudi shares extend rally on new crown prince, MSCI; Qatar rebounds | Reuters:

"Saudi Arabia's stock market extended on the previous session's rally in early trade on Thursday headed for its highest close in 20 months as investors focused on shares likely to benefit from economic reforms and from MSCI's decision. The Riyadh stock index surged 5.5 percent in reaction to the appointment of the architect of the economic reform and privatisation plans, Prince Mohammed bin Salman, to crown prince. Previously the 31-year old was deputy crown prince. The index was up 1.2 percent in the first hour of trade as some shares which were top gainers on the previous day continued to rally with the only listed miner Saudi Arabian Mining jumping surging its 10 percent daily limit in the first half hour of trade. Banks were also strong with government-majority owned National Commercial Bank jumping 7.3 percent, extending on its 10 percent surge on Wednesday. "



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